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Investors now
turning their attention from US dollar to safe haven currencies like Japanese Yen and Swiss Franc. On the
4 hour chart of USDJPY, the pair was consolidating within a symmetrical and
broke down from the rising support trend line. The pair earlier went above the
50 day and 100 day SMAs but was not able to hold the gains and fell below them.
The pair is currently trading near the key support at 101.42. If it continues
to decline below this level the pair will find the next support at 101.23.
However if the pair rise from 101.42 the nearest resistance would be at 101.52.

(USDJPY : Daily Chart)

The daily chart of USDJPY is showing a beautiful downtrend and i am really tempted to open a short position in this pair. The 50 day SMA has just now crossed below the 200 day SMA signaling a continuation of downtrend. The pair might break below the key support of the triangle anytime.